Charles County MD and PG County MD Home buyers-Do you want a home buyer grant for up to $7500? Many of you probably do. So who is giving out this home buyer grant for up to $7500? Federal Home Loan Bank. Federal Home Loan Bank (FHLB) provides up to $7,500 in matching funds per eligible household for down payments and closing costs. The bank has set aside approximately $11 million dollars of funds for the 2010. Since 1999,FHLB has funded over $59 million in FHP dollars to help more than 9,700 families purchase their first home.
Qualifications: The qualification criteria includes being a first time home buyer(if you haven't owned a home in three years,you qualify as a first timer.) Your minimum contribution is $500 and that your annual income is less than 80% of the median home income on household size. If you qualify for the home buyer grant,you are provided the grant at a ratio of 1 to 5. Ex: If a buyer has $500 of their own money,they are eligible for $2500. If a buyer has $1,500 of their own money,they are eligible for $7,500. Besides the loan amount qualifies as a "Forgivable loan after five years of stay.
If you are sell or refinance your home before five years,you will have to pay back the $7,500 home buyer grant to the Federal Government. If you complete the five years,you don't need to return the money.
Time is of the essence: The money will run out for the FHLB by September 2010. So if you are looking to buy a home in either Charles County MD,PG County MD,St.Mary's County MD or DC,to qualify for the home buyer grant ACT NOW BEFORE THE MONEY IS GONE.
For more information on the home buyer grant,please give me a call at your earliest convenience. I can be reached at 202-378-0283. Click on this link if you know anyone who is looking to Get preapproved for a home loan in Charles County MD and PG County . Click on the link to Search for Three bedroom,two bath ramblers with a garage for sale in Waldorf MD